branding in banking & finance | p collings 2011
DESCRIPTION
This is the presentation I gave at the Branding in Banking and Finance Conference that was held in Johannesburg, South Africa on 26th - 28th September 2011. I have added speaker notes on some of the slides.TRANSCRIPT
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by mark visosky
Patrick CollingsSagacitePatrick CollingsSagacite
Branding in Banking & Finance Conference 201126 - 27 September 2011
VUCAVUCAbranding in the age of branding in the age of
Branding in Banking & Finance Conference 201126 - 27 September 2011
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an argument for a new mindset and toolset for branding in socio-economic environments that are volatile, uncertain, complex and ambiguous
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the argument rests on two key pillars
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photo by Mike Bitzenhofer
a traditional view of marketing
Speaker Note: This slide referred to the fact that marketing was often bolted onto strategy developed elsewhere in the corporation.
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marketingbrands
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“...many enlightened organizations are moving branding entirely away from communications
and toward connecting strategy, culture, and a wider stakeholder involvement.”
Nicholas Ind & Majken SchultzStrategy + Business
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brand strategyequals
business strategy
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a turbulent socio-economic &business environment
photo by tenisca
Speaker Note: The second pillar of the argument refers to the market conditions that brands have to compete in.
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the world is facing increased turbulence over the next
decade and beyond Global Trends 2025: A Transformed World
released by the National Intelligence Council
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caused by leadership change in emerging markets, major policy shifts by governments, increased armed conflict, interlinked economies, budget cuts by local and national government
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photo by Beacon Radio
welcome to the age of VUCA
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image by Herr Kaczmarek
volatility, uncertainity, complexity and ambiguity are also keeping
executives awake at night
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relentless innovation
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demand for results
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in endless conversations
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history is no guarantee of tomorrow
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the recessionary climate remains
by alex e proimos
Speaker Note: This slide and the next three slides refer to challenges facing the banking and !nancial industry.
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Photo by Ronn Aldaman
banking the unbanked
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A F T E R T H R E EY E A R S A N D
T R I L L I O N S O FD O L L A R S , O U R
B A N K S S T I L LD O N ’ T W O R K
TIME MAGAZINE, SEPT 26 2011
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photo by Robert S Donovan
the brand management toolbox is limited
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marketing mindset and marketing-focused tools
rationalistic management tools developed decades ago
methodologies and tools that rely on historic and static data
tools that are cookie cutter in nature
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photo by SomeDriftwood
is needed
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starting with a new mindset
by maessive
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one that accepts that we can’t predict the future and should concentrate on being
flexible enough to successfully engage it, in whatever form it may take
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“Giving up the illusion that you can predict the future is a very liberating moment. All you can do is to give yourself the capacity
to respond to the only certainty in life - which is uncertainty. The creation of that
capability is the purpose of strategy”
Lord John Browne, former CEO BP
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“Nearly all of the Best Global Brands have embraced the idea of constant change,
evolution and innovation, and are able to continually meet the changing requirements
of their customers.”
Interbrand Best Global Brand 2010
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and the tools to go with the mindset
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flexible thinking applied flexibility
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scenario planning
near future budgeting
disposable factories
customizable complexity
dynamic pricing
shadow portfolios
Speaker Note: The list of strategy tools listed in the right column is not comprehensive. At Sagacite we refer to these tools by the collective name of rapid adaptive strategies.
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scenarios
photo by drew herron
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photo by drew herron
the aim of scenarios is to reveal multiple, equally realistic and foreseeable futures
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Royal Dutch/Shell & Global Business Network
The French School
The Futures Group
Wilson and Ralston
Lindgren and Bandhold
Reference scenarios
Decision Strategies International
Procedural scenarios
Industry scenarios
Soft creative scenariosap
pro
ac
he
s
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help connectsthe dots
picture by gato-gato-gato
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relaxation of banking
regulations
instrumentsthat shifted risk
off balancesheets
monetarypolicy keeping interest rates
low
evaporationof reasonable
credit standards
consumer’s limited
financial knowledge
2008FinancialMeltdown
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photo by victor cavazzoni
scenarios allow us to see beyond the headlights
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distance into the future
forecast scenarios hope
uncertainty
now
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and avoid panic when the future deals us a bad hand
image by luna di rimmel
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rapid adaptive strategy
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by kenteegardin
near future budgetingSpeaker Note: Near future budgeting refers to the trend to shorten the budgeting period given that people can’t predict three to !ve years out.
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Disposable Factories
photo by slinky2000
Speaker Note: Disposable factories belongs to the real option group of rapid adaptive strategies. It refers to limited investment in production facilities until a product proves itself in the market.
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image by Pixel Placebo
customizable complexity
Speaker Note: This slide refers to companies allowing consumers to determine their individual brand offering.
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photo by Greg Woodhouse
Dynamic Pricing
Speaker Note: An example of dynamic pricing is insurance companies who calculate motor insurance based on how a customer drives their car as recorded by an onboard device.
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portfolioBrand
Speaker Note: The same way opposition parties have a shadow cabinet so they are ready to govern, brands should have a shadow portfolio of different offerings for drastically different market conditions.
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“We have made tremendous progress in our ability to operate complicated systems... We have made less progress to operate complex
systems, which defy conventional modelling and challenge traditional management practices.
Leaders need to use better tools for understanding how these system will behave - tools that can help us understand the constant
interaction of numerous elements and the impact of rare but extreme events.”
Gökçe Sargut & Rita Gunther McGrathLearning to Live with Complexity
Harvard Business Review September 2011
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not just about survival but also opportunities
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“In the next few years, successful companies will distinguish themselves by managing
uncertainity better than do their competitors. The very best will create uncertainity for their competitors to struggle with - and there will
be hell to pay by those who fall behind.”
George StalkSenior Partner and Managing Director
The Boston Consulting Group
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Speaker Note: Apple is a company that adds to the VUCA environment of their competitors by releasing innovative products and services that immediately rede!ne the market.
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Ordnung braucht nur der dumme ein genie beherrscht das chaos
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Order is needed only by fools, the genius controls the chaos
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